Hyderabad sees houses worth 2,892 cr registered in Nov

Hyderabad: The City of Pearls recorded registrations of 6,119 units of residential properties in November 2022, up by 32 per centmonth-on-month (MoM). The total value of these properties stood at Rs 2,892 crore.

While Hyderabad witnessed a decline on yearly basis, the demand grew in November 2022, supported by its booming socioeconomic environment, infrastructure, and business-friendly policies, property consultant Knight Frank India said in a report.

Releasing its latest assessment, the property consultancy major stated that since the beginning of 2022, the city has observed registration of 62,159 residential units with a total worth of Rs 30,415 crore compared to registrations of 75,453 residential units, amounting to Rs 33,531 crore clocked in similar period last year.

The Hyderabad residential market includes four districts; Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy.

"The registration of residential properties in the city increased by 32 per centm-o-m in November 2022, while clocking a 21 per cent decline on yearly basis. The city's residential market saw some relief in November as Hyderabad market witnessed an uptick in registrations despite major headwinds from geopolitical developments and a spike in home mortgage rates over the last few quarters," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

The trend seen in sales of residences is that the demand for higher value homes has continued to remain strong while the lower ticket sector is affected. The cumulative share of sales registrations for properties with ticket-size of Rs 50 lakh and above increased to 28 per cent in November 2022 from 24 per cent in November 2021.

The residential units in the price band of Rs 25 – 50 lakhs constituted 50 per cent of the total registrations in November 2022, which is an increase from a share of 37 per cent in November 2021. Demand in the less than Rs 25 lakhs ticket-size however weakened with its share constituting 22 per cent compared to 39 per cent a year ago.

In November 2022, the share of registrations in unit category of properties sized 500 – 1000 square feet increased to 22 per cent compared to 15 per cent observed in November 2021.The properties sized 1,000 square feet or higher witnessed a dip in share from 74 per cent in November 2021 to 65 per cent in November 2022, the report stated.